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Equity firm to acquire automaker

By Otiato Guguyu | Published Thu, February 15th 2018 at 00:00, Updated February 14th 2018 at 22:30 GMT +3
Mini-Coopers owners assemble their vehicles during the Masaku 7s Flag-off at The Standard Media Group Centre on 21/06/16. [Photo by Pius Cheruiyot/Standard]

Private equity fund Ascent Rift Valley Fund wants to acquire Limuru-based Auto Springs East Africa.

Auto springs, the makers of vehicle spare parts, including a variety of wiring harnesses, is expected to offer Ascent a foothold in the local market.

The deal, in partnership with SFC Finance Ltd, will offer finance for product expansion and factory improvements.

“SFC has come in as a debt partner and Ascent will provide equity,” said David Owino, a partner at Ascent Capital Advisory Services LLP.